GMX

The position fee is 0.04% to 0.06%. The position fee is charged on position size each time you open, close, increase, or partly close: 0.04% when the trade brings long and short open interest closer together and 0.06% when it widens the gap. Gold, silver, oil, and index markets have their own rates, which change with market hours. Price impact, borrowing, funding, and the keeper's network fee are separate, so the position fee on its own understates the cost of a trade.

No. You connect a wallet (MetaMask, WalletConnect, Coinbase Wallet, and others) or log in with an email address, a social account, or a passkey, which creates an embedded wallet for you. Neither path includes an identity check. The Terms, last modified August 20, 2026, have no identity-verification clause and say GMX does not collect personal data. Buying crypto with a card inside the app goes through a third-party provider with its own rules, where available.

No. The Terms, last modified August 20, 2026, require that you are not a U.S. Person and, citing the Commodity Exchange Act, say no U.S. Person may enter into perpetual contracts through the interface. They also exclude residents, nationals, and agents of any country embargoed or similarly sanctioned by the US, the UK, or the EU, without naming those countries, and anyone on a US, UK, EU, or UN sanctions list. You promise not to use a VPN or any other tool to get around the restrictions.

The Terms, last modified August 20, 2026, require that you are not a U.S. Person and, citing the Commodity Exchange Act, say no U.S. Person may enter into perpetual contracts through the interface. They also exclude residents, nationals, and agents of any country embargoed or similarly sanctioned by the US, the UK, or the EU, without naming those countries, and anyone on a US, UK, EU, or UN sanctions list. You promise not to use a VPN or any other tool to get around the restrictions.

The headline cap is 100x. Each market's own cap is derived from its collateral factors, rounded down to a 5x step, and falls as the pool's open interest grows, so thinner markets allow less. Gold, silver, WTI, and Brent allow 100x during market hours and 25x off-hours, QQQ and SPY 50x and 25x, natural gas 40x and 20x, and the SpaceX market 10x. Each position is margined on its own collateral, in a stablecoin or the market's own token, and you can add or withdraw collateral, including a deposit that triggers at a price you set. A position is liquidated when its remaining collateral falls below 0.25% to 1% of size, and the liquidation fee is 0.2% to 0.45% of size.

There is no exchange balance to fund for direct trading: connect a wallet on Arbitrum, Avalanche, or MegaETH, and the tokens in it (USDC, USDT, ETH, BTC, and each pool's other collateral tokens) serve as margin. From Ethereum, Base, or BNB Chain you deposit USDC, USDT, or ETH into a GMX Account, a separate trading balance on Arbitrum that Stargate and LayerZero bridge for you. It is not available on Avalanche or MegaETH, and bridging is limited by Stargate's liquidity caps. The app's Receive flow can also buy crypto with a card, Apple Pay, or Google Pay through a third-party provider where available. Classic mode needs ETH or AVAX for gas, while Express mode lets you pay gas in USDC.

When you trade from your wallet there is nothing to withdraw: closing a position returns the collateral and any profit to the wallet, less the position fee, price impact, and the keeper's network fee. A GMX Account balance can be withdrawn as USDC, USDT, or ETH to Arbitrum, Ethereum, Base, or BNB Chain, whichever chain you deposited from. The docs do not publish the bridge cost, and transfers depend on Stargate liquidity.

A referral code takes 5% off opening and closing fees with a Tier 1 code and 10% with a Tier 2 or Tier 3 code, and the referrer earns 5% to 15% of those fees. Borrow and funding fees are not discounted. Without a code, GMX assigns an automatic 5% discount at $50M of lifetime volume on Arbitrum and 10% at $250M. A code stops paying its referrer after 12 months or $20,000 in rewards, but your discount carries on. No ChainScouter code is active.

The official interface is the web app at app.gmx.io, built as a progressive web app you can add to a phone's home screen. The docs list no native iOS or Android app. There are three trading modes. In Classic, your wallet signs every transaction. In Express, you sign messages and GMX's own relay submits them. Express with One-Click Trading adds a sub-account key, stored in your browser, that signs for you up to a limit you set. Developers get a public API, a TypeScript SDK, and published skills for AI agents.

Funds never leave your custody except as collateral inside a position, the protocol and interface code are open source, and the V2 contracts have been audited by Guardian, ABDK, Certora, Dedaub, and Sherlock, with an Immunefi bug bounty on top. Against that: the retired V1 contracts lost about $40 million to a re-entrancy exploit in July 2025 (the funds were returned), every price comes from Chainlink's oracle feed, the liquidity pools are your counterparty, and auto-deleveraging can close profitable positions in synthetic markets. Treat it as a long-running protocol with one serious incident on code that is no longer used for trading, and read the points under Watch for.

No. GMX is the governance and staking token. Staking earns a share of the 27% of protocol fees that buy back GMX, but distribution to stakers is suspended until the token reaches $90, and the bought-back GMX accumulates in the treasury until then. Fee discounts come from referral codes and trading volume, not from holding GMX.

Only if your funds are on Ethereum, Base, or BNB Chain. On Arbitrum, Avalanche, or MegaETH you trade from the wallet directly. A GMX Account is a separate trading balance on Arbitrum: deposits from the other chains are bridged through Stargate and LayerZero, positions opened from it show alongside your wallet-funded ones, and you can withdraw to any supported chain. It needs Express Trading, and bridging is limited by Stargate's liquidity caps.

Yes, on Arbitrum: gold, silver, WTI and Brent crude, natural gas, the QQQ and SPY ETFs, and a SpaceX market, all as perpetuals settled in crypto. They trade 24/7, but outside their market's hours the position fee rises, the leverage cap drops (gold and oil from 100x to 25x, QQQ and SPY from 50x to 25x), and for gold, silver, and oil the liquidation threshold widens.

Every fact on this page links to its source. The facts were checked Sep 25, 2026, and that date moves only when we recheck them. Updating the page does not re-verify a fact.